hurricanemaxi
Joined: 08 Sep 2011
Posts: 66
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 Posted: Tue Sep 20, 2011 2:43 am Post subject: Obama Says U.S. Prosperity Depends on Paying Down Federal De |
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President Barack Obama called for $1.5 trillion in tax increases over the next decade to help trim the deficit, saying U.S. prosperity depends on paying down the federal debt.
In combination with cuts in spending, Obama said, his plan would reduce the long-term deficit by $3 trillion beyond the $1 trillion that was agreed to as part of a deal to raise the U.S. debt ceiling. The additional taxes largely would fall on the wealthiest Americans.
“If we don’t act, debt will eventually crowd out everything else,” Obama said this morning at the White House as he unveiled his recommendations to the 12-member congressional committee charged with finding ways to trim at least $1.5 trillion from the deficit. The panel has a Nov. 23 deadline to reach a deal.
The proposal puts Obama in conflict with Republican congressional leaders such as House Speaker John Boehner, who last week said his party wouldn’t accept tax increases and urged the bipartisan supercommittee to focus on scaling back entitlement programs such as the Medicare health-insurance plan for the elderly.
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